SmartHeat Inc. successfully raised equity capital through a public offering of its common stock. The company sold 8.33 million shares at a price of $9.00 per share, and received net proceeds of $69.5 million after underwriter commissions and other expenses.
James Jun Wang, the CEO of SmartHeat said, “The completion of this equity financing provides SmartHeat with capital to fund our continued growth as a market leader in China’s clean technology, energy savings industry. We highly value and appreciate the significant institutional interest that SmartHeat has experienced during this offering.”
SmartHeat Inc. reported strong second quarter of 2009 results in August. The company earned net income of $2.6 million, or $0.11 per share, on revenues of $12.5 million. All these results were up sharply from the same quarter of last year.
SmartHeat Inc. is a manufacturer of plate heat exchangers, compact plate heat exchanger units, and heat meters. These devices are used to transfer heating or cooling from one location to another, increase energy efficiency and reducing Carbon Dioxide emissions. The products are used mostly in residential and commercial HVAC applications.